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PRIYANKA (Querist)

07 November 2011 An indian listed co. has a 100% foreign subsidiary.Whether the parent co. is required to prepare consolidated financial statements for the purose of limited review of half yearly period???

CA Navin Jain

CA Navin Jain (Expert)

07 November 2011 All acounting standard is applicable on listed company, therefore parent comapany is need to prepare consolidated financial statement.

PRIYANKA

PRIYANKA (Querist)

07 November 2011 but whether consolidated financial statement is mandatorily req to be attached for limited review of half yearly period..?

CA Navin Jain

CA Navin Jain (Expert)

07 November 2011 ITS VOLUNTRY NOT MANDATORY

SEBI and Accounting Standards

SEBI requires the auditors in their half yearly limited review report in respect of listed companies to opine whether they are prepared in accordance with accounting standards. SEBI circular SMDRP/Policy/Cir -44/01 dated August 31, 2001 requires compliance with mandatory accounting standards in the preparation of quarterly results. However, the preparation of consolidated financial statements on a quarterly basis is voluntary but mandatory for disclosure in the annual report.

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